Avid Podcast Listener! Investing in Metro Detroit!

[Doran Brooks]

Hello All! 

This is my first time posting here on the forums and am excited to be here. I have been listening to the BG Podcast for some time now and have been working out my strategy for investing. 

I will be investing into the Metro Detroit area, where I will be moving to very shortly for a full time job. I make good money, and have small savings that I am actively working towards building. 

I would like to solicit some advice as I am new to the whole investment world; I am looking for a primary residence for myself and my fiancé, and I am torn between 2 options. 

1) Buying a single family for $80,000-$100,000 on an FHA, living in to for 1 year, refinance, move out, rent it, and repeat this again. Rents are $900-$1100 a month. which would bring $200-$400 in cash flow a month once I move out.

2) Buying a 2-4 plex on an FHA for $150,000-$250,000, living in 1 unit for a year (house hack), and then moving out into a single family as a long term primary residence.

I am finding it hard to locate a multiplex in the areas I would like to live, as they are either too far from work, or in very dangerous neighborhoods. Is there some way I can go about finding about more opportunities in my market area, other then the usual routes like Redfin/Zillow/Realtor/Local Office? 

Any advice would be great, and if there is anywhere else I should post this, please send me in the right direction. Much appreciate it! 

[Jeff Rabinowitz]

Metro Detroit RE Investors (look for @Tom A. ) meet on a variable schedule, often in Troy. Renegade Detroit Investors (look for @Jeremy Burgess ) meet the second Tuesday of each month, lately in Southfield. MREI (look for @Wendy Patton ) meets in Troy the third Thursday of each month. REIA of Oakland (look for @Drew Sygit ) meets the second Thursday of each month in Madison Heights. There are more groups, REIA of Wayne, Macomb, etc. A brief web search should identify most of them.